EOPA ENTREPRENEURSHIP STUDY SET EXAM QUESTIONS WITH CORRECT ANSWERS ALL VERIFIED BY AN EXPERT A+ GRADED (LATEST UPDATE)

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EOPA ENTREPRENEURSHIP
STUDY SET EXAM QUESTIONS
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WITH CORRECT ANSWERS
ALL VERIFIED BY AN EXPERT
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A+ GRADED (LATEST UPDATE)
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,multiple choice/60 questions/online/no time limit/70% or higher gains certificate/you may use a
calculator - ANS what is the format of the exam?

intellectual property - ANS a work or invention that is the result of creativity, such as a
manuscript or a design, to which one has rights and for which one may apply for a patent,
copyright, trademark, etc.

aptitude - ANS natural ability to do a particular type of work or activity well




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capital resources - ANS goods made and used to produce other goods and services, such as
buildings, machinery, tools and equipment




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OSHA - ANS Occupational Safety and Health Act of 1970, created to assure safe and healthful
working conditions for working men and women by setting and enforcing standards and by




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providing training, outreach, education and assistance.

break even analysis - ANS is a calculation of the point at which revenues equal expenses

unlimited liability - ANS If a small business owner (sole proprietor) is responsible for all the
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debts and choices of
a business, the owner is considered to have?

marketing plan - ANS Business document created for the purpose of describing
the current market position of a business and its strategy for making the customer
aware of the product or service that is being offered
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The purpose of SWOT analysis is to examine a company's? - ANS strengths, weaknesses,
opportunities, and threats
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income statement - ANS A "period-of-time" report on the profitability of business operations is
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trade association - ANS Entrepreneurs can seek technical and general assistance in a specific
industry by
joining organizations such as?

Good credit - ANS Paying bills when due

LIFO Method - ANS inventory costing method produces lower gross margin, lower income tax,
smaller cash outflows for income tax purposes.

,LIFO (last in first out) - ANS an asset management and valuation method that assumes assets
produced or acquired last are the ones used, sold or disposed of first

FIFO (first in first out) - ANS is an asset-management and valuation method in which the
assets produced or acquired first are sold, used or disposed of first

attitude - ANS What is reflected in every contact with customers and in completion of work
assignments?

word processing - ANS Which application is the best choice for creating reports, tables, letters




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and memos?

mission statement - ANS a formal summary of the aims and values of a company,




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organization, or individual.

word processing software - ANS a.k.a. Microsoft Word




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spreadsheet software - ANS a.k.a. Microsoft Excel

presentation software - ANS a.k.a. Microsoft PowerPoint
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Accounts Payable - ANS An unpaid balance of money owed by your business, generally
referring to amounts owed for inventory,supplies, and other such ongoing expenses.

Accounts Receivable - ANS An unpaid balance of money owed to your business by customer
accounts
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Annual Work Plan - ANS A detailed document which is the result of operational
planning.Highlights from this plan are included in the business plan
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assets - ANS Any items of value owned; items on the balance sheet that reflect value owned
include cash, accounts receivable, notes receivable, property and property rights.
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Barter - ANS The direct trading of goods and services between people without the use of
money

Bottom Line - ANS The last lineof a financial statement used to show net profit or loss

Brainstorming - ANS A creative problem-solving activity that helps create possibilities to
address problems or challenges. Thinking of as many and different answers is important and no
responses should be
questioned during the activity of Brainstorming

Brand - ANS A name or symbol that represents a product.

, Capital Resources - ANS Goods made by people and used to produce other goods and
services (also called intermediate goods)

Cash Flow - ANS The movement or flow of cash in and cash out of a business

Circular Flow - ANS A model of an economy showing the interactions between households and
business firms as they exchange goods and services and resources in markets.

Citizen - ANS Member of a nation




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Civic - ANS Of a city or citizen.




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Collateral: - ANS The assets pledged to a lender to secure or support a loan.

Common Law Rights - ANS Common law is law that was developed over centuries and based




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on custom and judicial opinions, as opposed to legislative acts.

Commerce - ANS Trade between states or nations.

Competition - ANS Techniques used by businesses to gain more customers and to earn higher
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profits.

Consumers - ANS People whose wants are satisfied by using goods and services

Contract - ANS A formal agreement or a promise or set of promises between two or more
parties that is legally enforceable.
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Copyright - ANS The exclusive right to reproduce, sell, publish, or distribute literary or artistic
work; i.e., works of authors, composers, etc. Copyright does not protect the idea itself or the
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information
itself. It protects the form or manner in which the idea or information is proposed.
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Corporate Mission - ANS A broad statement of what business or businesses the company
should be in.

Cost of Production - ANS All resources used in producing goods and services for which
owners receive payment

Counterfeiting - ANS Copying another's work without permission and passing off the copy as
an original. A counterfeit is an imitation, fake or "knock-off.

Culture - ANS The implied beliefs, norms, values, and customs that define a society. Culture
leads to common patterns of behavior. Like countries, businesses can have cultures also.